WD-40 Company (WDFC), a global consumer pr oducts company known for its iconic WD-40 Multi-Use Product, announced its financial results for the third quarter ended May 31, 2023. The company reported a net income of $18.9 million for the quarter, reflecting a continued positive trend. Furthermore, WD-40 achieved a revenue of $141.7 million, demonstrating strong sales growth during the period.
Financial Highlights
Net income for the third quarter of 2023 reached $18.9 million, showing a significant increase compared to $14.5 million in the same period last year.
Revenue for the quarter amounted to $141.7 million, representing a substantial growth from $123.7 million in Q3 2022.
Gross profit stood at $71.8 million, reflecting a healthy margin and an improvement over the previous year's $59.0 million.
Earnings per common share on a diluted basis were reported at $1.38, up from $1.07 in the same quarter last year.
Sales Performance and Operational Results
WD-40 Company experienced robust sales growth during the third quarter of 2023. Net sales reached $141.7 million, demonstrating a 14% increase compared to the same period last year. This growth was driven by strong demand for the company's flagship product, WD-40 Multi-Use Product, across various regions.
The company's gross profit for the quarter amounted to $71.8 million, representing a gross margin of 50.6%. This improvement was attributed to effective cost management and operational efficiencies.
Financial Position and Outlook
As of May 31, 2023, WD-40 Company's total assets stood at $438.1 million, while total liabilities amounted to $232.2 million. The company's stockholders' equity reached $205.8 million, reflecting a healthy financial position.
Garry Ridge, CEO of WD-40 Company, expressed optimism about the future and said, "We are pleased with our strong financial performance in the third quarter. We continue to execute our strategic initiatives and drive growth across our product portfolio. We remain focused on innovation, brand-building, and expanding our presence in both domestic and international markets."
WD-40 Company reaffirmed its guidance for the fiscal year 2023, expecting net sales growth in the range of 10% to 12%. The company also reiterated its commitment to investing in research and development, marketing, and operational improvements to drive sustainable growth and shareholder value.
Investors and shareholders can access the complete financial statements and management's discussion and analysis on the company's investor relations website.
WD-40 Company is a global consumer products company dedicated to delivering innovative solutions for a wide range of maintenance needs. Its flagship product, WD-40 Multi-Use Product, has been a trusted household name for over 60 years. The company's portfolio also includes specialist products designed for automotive, industrial, and household applications. With a strong commitment to sustainability and customer satisfaction, WD-40 Company continues to expand its product offerings and global presence.